Estonia Inflation


Estonia: Consumer prices record seventh consecutive annual drop in December

January 8, 2015

Consumer prices in December were unchanged over the previous month, which came in above the steep 0.8% drop observed in November. According to Statistics Estonia, the result reflects that lower prices for several categories, such as transport and clothing and footwear, offset higher prices of several other items, such as communication, food and non-alcoholic beverages, and recreation and entertainment.

Consumer prices recorded a 0.5% year-on-year decrease in December, which was slightly up from the 0.6% decline tallied in November. Moreover, the result marked the seventh consecutive annual decline. Meanwhile, annual harmonized consumer prices—based on the harmonized index of consumer prices—fell from October’s 0.5% to a flat reading in November (the last month for which data are available). Annual average HICP inflation fell from 0.8% in October to 0.6% in November.

FocusEconomics Consensus Forecast panelists expect harmonized inflation to average 1.5% in 2015, which is down 0.1 percentage points from last month’s forecast. In 2016, the panel expects average inflation to accelerate to 2.2%.

Author:, Economist

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Estonia Inflation Chart

Estonia Inflation December 2014

Note: Year-on-year and month-on-month variation of consumer price index in %.
Source: Statistics Estonia

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